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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Avid Bioservices Inc | NASDAQ:CDMO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.27 | -3.69% | 7.05 | 3.04 | 50.00 | 7.68 | 7.16 | 7.34 | 1,268,426 | 05:00:14 |
Highlights Since October 31, 2020
“The third quarter was exceptional on all fronts,” stated Nicholas Green, president and chief executive officer of Avid Bioservices. “Top line revenues were strong, contributing to a significant improvement in margins and other key financial metrics, and we continued to generate cash from operations during the quarter.
“Avid’s business development team signed $74 million in new business during the quarter, resulting in a backlog of $120 million, the largest in our history. As a result, we are raising our revenue guidance for the second time in fiscal 2021 to between $88 million and $91 million.
“Finally, to support this increase in demand, we are currently executing a two-phased expansion plan of our Myford facility that, when complete, is expected to provide a total revenue capacity of up to $270 million annually. During the quarter we also raised funds to support this expansion. The expansions represent critical developments in the business as we continue to provide capacity to onboard new clients as well as capacity to accommodate the successful clinical development and commercial growth of our existing clients. Furthermore, we look forward to incorporating a higher level of automation and digitization into the second phase as we add further focus on commercial manufacture.
“The team’s strong performance across all areas of the business is not only driving growth today, but also establishing the foundation necessary for continued growth in the future.“
Financial Highlights and Guidance
More detailed financial information and analysis may be found in Avid Bioservices’ Quarterly Report on Form 10-Q, which will be filed with the Securities and Exchange Commission today.
Recent Corporate Developments
Conference Call
Avid will host a conference call and webcast this afternoon, March 8, 2021, at 4:30 PM EST (1:30 PM PST).
To listen to the conference call, please dial (877) 312-5443 or (253) 237-1126 and request the Avid Bioservices conference call. To listen to the live webcast, or access the archived webcast, please visit: https://ir.avidbio.com/investor-events.
About Avid Bioservices, Inc.
Avid Bioservices is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical drug substances derived from mammalian cell culture. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 28 years of experience producing monoclonal antibodies and recombinant proteins, Avid's services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com
Forward-Looking Statements
Statements in this press release, which are not purely historical, including statements regarding Avid Bioservices' intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that the ongoing COVID-19 pandemic will adversely affect our or our customers’ business and operations, the risk the company may experience delays in engaging new clients, the risk that the company may not be successful in executing client projects, the risk that the company may experience technical difficulties in completing client projects due to unanticipated equipment and/or manufacturing facility issues which could result in projects being terminated or delay delivery of products to customers, revenue recognition and receipt of payment or result in the loss of the customer, the risk that one or more existing customers terminates its contract prior to completion or reduces or delays its demand for development or manufacturing services, the risk that the company may need to raise additional capital to fund its contemplated expansion plans, and the risk that the completion of one or both phases the of the Myford expansion may be delayed. may cost more than anticipated or may not increase revenue generating capacity by the amounts contemplated. Our business could be affected by a number of other factors, including the risk factors listed from time to time in our reports filed with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K for the fiscal year ended April 30, 2020, as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. We caution investors not to place undue reliance on the forward-looking statements contained in this press release, and we disclaim any obligation, and do not undertake, to update or revise any forward-looking statements in this press release except as may be required by law.
AVID BIOSERVICES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(Unaudited) (In thousands, except per share information)
Three Months EndedJanuary 31, | Nine Months Ended January 31, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues | $ | 21,806 | $ | 13,585 | $ | 68,262 | $ | 47,152 | |||||||
Cost of revenues | 15,604 | 12,800 | 47,098 | 41,921 | |||||||||||
Gross profit | 6,202 | 785 | 21,164 | 5,231 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | 4,018 | 2,996 | 12,009 | 10,989 | |||||||||||
Loss on lease termination | — | — | — | 355 | |||||||||||
Total operating expenses | 4,018 | 2,996 | 12,009 | 11,344 | |||||||||||
Operating income (loss) | 2,184 | (2,211 | ) | 9,155 | (6,113 | ) | |||||||||
Interest and other income, net | 23 | 107 | 66 | 415 | |||||||||||
Net income (loss) | $ | 2,207 | $ | (2,104 | ) | $ | 9,221 | $ | (5,698 | ) | |||||
Comprehensive income (loss) | $ | 2,207 | $ | (2,104 | ) | $ | 9,221 | $ | (5,698 | ) | |||||
Series E preferred stock accumulated dividends | (1,442 | ) | (1,442 | ) | (3,604 | ) | (3,604 | ) | |||||||
Net income (loss) attributable to common stockholders | $ | 765 | $ | (3,546 | ) | $ | 5,617 | $ | (9,302 | ) | |||||
Net income (loss) per share attributable to common stockholders: | |||||||||||||||
Basic | $ | 0.01 | $ | (0.06 | ) | $ | 0.10 | $ | (0.17 | ) | |||||
Diluted | $ | 0.01 | $ | (0.06 | ) | $ | 0.10 | $ | (0.17 | ) | |||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 58,865 | 56,404 | 57,349 | 56,275 | |||||||||||
Diluted | 60,097 | 56,404 | 58,058 | 56,275 | |||||||||||
AVID BIOSERVICES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED) (IN THOUSANDS, EXCEPT PAR VALUE)
January 31,2021 | April 30,2020 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 70,894 | $ | 36,262 | |||
Accounts receivable | 27,113 | 8,606 | |||||
Contract assets | 5,545 | 3,300 | |||||
Inventory | 11,946 | 10,883 | |||||
Prepaid expenses | 813 | 712 | |||||
Total current assets | 116,311 | 59,763 | |||||
Property and equipment, net | 32,162 | 27,105 | |||||
Operating lease right-of-use assets | 19,053 | 20,100 | |||||
Restricted cash | 350 | 350 | |||||
Other assets | 302 | 302 | |||||
Total assets | $ | 168,178 | $ | 107,620 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 6,855 | $ | 5,926 | |||
Accrued payroll and related costs | 6,500 | 3,019 | |||||
Contract liabilities | 47,707 | 29,120 | |||||
Current portion of operating lease liabilities | 1,334 | 1,228 | |||||
Note payable | — | 4,379 | |||||
Other current liabilities | 179 | 808 | |||||
Total current liabilities | 62,575 | 44,480 | |||||
Operating lease liabilities, less current portion | 20,233 | 21,244 | |||||
Total liabilities | 82,808 | 65,724 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value; 5,000 shares authorized; 1,648 shares issued and outstanding at January 31, 2021 and April 30, 2020, respectively | 2 | 2 | |||||
Common stock, $0.001 par value; 150,000 shares authorized; 60,827 and 56,483 shares issued and outstanding at January 31, 2021 and April 30, 2020, respectively | 61 | 56 | |||||
Additional paid-in capital | 647,157 | 612,909 | |||||
Accumulated deficit | (561,850 | ) | (571,071 | ) | |||
Total stockholders’ equity | 85,370 | 41,896 | |||||
Total liabilities and stockholders’ equity | $ | 168,178 | $ | 107,620 |
Contacts: Stephanie Diaz (Investors) Vida Strategic Partners 415-675-7401 sdiaz@vidasp.com Tim Brons (Media) Vida Strategic Partners 415-675-7402 tbrons@vidasp.com
1 Year Avid Bioservices Chart |
1 Month Avid Bioservices Chart |
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